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CCTV2 has launched a new series on the global investment trends regarding to bulk stock, cryptocurrencies, real estate and art market. The debut episode this Wednesday focuses on cryptocurrency.

The price of bitcoin hit a new record high of about $3500 this Tuesday. Chen Qian, a Singapore-based CNBC commentator analyzed the performance of such four cryptocurrencies as BTC, ETH, XRP and LTC.

The open price of bitcoin was $968.23 on the first day of 2017 and spiked to $3018 in June. Bitcoin price closed at $2873.83 on July 31.

“The cryptocurrency market has enjoyed a bull run over the past 7 months. Bitcoin price has increased by 197%, ETH 2338%, XRP 2517% and LTC 860%. Though price rallies, the hard fact is that the market cap of these four coins are still very low.”

But Charlie Lee, creator of Litecoin, believes that crypto coins stand a chance to be used for everyday payment.

“As the demand for application grows, cryptocurrency will end up being used as actual currency instead of being labelled as a speculation tool.”

According to coinmarketcap, there are over 1000 crypto coins on market now, will they all be used as currency?

“There will only be a handful of coins can be used as currency and the rest will be just for fun, kind of a token, like Dogecoin featuring a dog as its logo.”

The program also covers the topic of Bitcoin’s scaling solutions and makes a comparison between BU and Segwit.

BU

Segwit

miners

developers

Bigger blocks

Off-chain two layer

Centralization

decentralization

“Bitcoin Cash is a fork coin that has little or no relation to the future of bitcoin. It is the demand of big blockers, the outcome of higher number of transactions. But analysts believe that it has deviated from the original vision of bitcoin and it will find its place in the altcoin landscape.”

However, some Chinese big blockers argue that the government wants Segwit because they want to control bitcoin by simply supervising the operators of the off-chain.

Last month CCTV2 went to visit mining farms in Sichuan and questioned why bitcoin miners don’t pay taxes. And now the program says the miners side represent centralization. What does this indicate?

I have been living two lives. In one life, I am a news editor of 8btc. I translate news, interview bitcoiners and miners. In the other life, I am an AI bot programmed to .......Forget it! Who is gonna buy this BS! I'm just me, Cindy, nobody else.

COMMENTS(33)

1 year agoBitcoinAllBot

Here is the link to the original comment thread. Or you can comment here to start a discussion. Author: 8btccom

He did plug Dogecoin as an ‘entry level cryptocurrency’. Overall, his interview, shown on US financial news and replayed on Chinese financial news, was very positive to Dogecoin. Any publicity is good publicity.

Dogecoin is more of a currency than most as most currencies are Fiat and they tend to become devalued over time due to inflation. The rest are commodity coins with lower supply just like a commodity which would be used as a store of value like gold or silver. Basically every cryptocurrency investor right now is only interested in cryptocommodities and the limitless supply coins are seen as a bad investment because they are not a store of value, they are a means of exchange.

If I got it right – dogecoin still has a kind of limited supply of coins – there is 5 billion additional coins that can be mined each year however, with the time it will be harder and harder for the miners to get these coins mined

So, this makes doge only less not-a-currency than bitcoin

Also, if you think about how gold and diamonds and all other precious metals / stones are mined, no one can tell you for sure that there’s this or that amount of gold, silver etc. to be mined – there’s always a possibility to find them either on earth, moon, mars or somewhere but they don’t have an actual limited amount

And when you compare that with bitcoin and its very limited amount of 21 million of coins – that’s somehow very unnatural – also could make people soon chase for bitcoin unlike they did for anything else ever before

So doge coin is like a toweringly huge pile of pennies, and btc is like a nice crisp $100 bill. They’re both currency, but you need a whole lot more of one than the other to be useful in generic transactions.

Actually the true value of diamonds is not that high. Debeers or whomever dominates the diamond market send basically controls how many are mined etc. They create an aritificial shortage so they can make more money on each diamond.

Gold and silver mines are a bit like this too. So is oil and everything minable when the miners can literally decide how much they want to mine.

Cryptos are a bit different in that the difficulty algorithm changes and the rate of coin mining is predetermined and steady.

I’ve posted this before on a different post, but I’ll repeat it again.

Dogecoin is a currency, not an asset. It’s used for tipping pepole, buying things and donating to fundraisers. It’s smaller in value, so its easier to use and more appealing to beginners. The transactions are almost instant. Dogecoin is not the future of digital currency, it the future of currency.

Yeah. I guess it is used as a currency already now, when using it for online purchases. But maybe you’re right, tipping is kind of a fun/generous thing. I think what we need are more merchants accepting doge. I don’t know how successful doge could be as a currency in brick-and-mortar stores, but it’s perfect for online shopping and microtranstactions.

Because it does not work. Nobody is using it. It is not enough. No relevant businesses and merchants are interested in a silly poor joke.
Without merged mining with Litecoin Dogecoin would be dead for long.

Maybe it’s not enough for you but it’s exactly what the developer and the community wants it to be, a fun coin which is easy to play around with. It’ll have its pumps and dumps but it’s not likely to go anywhere significant past being a fun coin.

CCTV2 has launched a new series on the global investment trends regarding to bulk stock, cryptocurrencies, real estate and art market. The debut episode this Wednesday focuses on cryptocurrency.The price of bitcoin hit a new record high of about $3500 this Tuesday. Chen Qian, a Singapore-based CNBC commentator analyzed the performance of such four cryptocurrencies as BTC, ETH, XRP and LTC.http://news.8btc.com/cctv2-covers-btc-bcc-eth-xrp-ltc-and-scaling-solutions-bu-vs-segwit